Trust tax return 2015

(1)

Trust tax return

2015

WHEN COMPLETING THIS RETURN

n Print clearly, using a black or blue pen.

n Use BLOCK LETTERS and print one character in each box.

S M I T H S T

n Place X in all applicable boxes.

Notes to help you prepare this tax return are provided in the Trust tax return

instructions 2015 (the instructions),

available on our website ato.gov.au

Day Month Year Day Month Year

to

or specify period if part year or approved substitute period.

Tax file number (TFN) Have you attached any _{‘other attachments’?} Yes No

Previous name of trust

If the trust name has changed, print the previous name exactly as shown on the last notice of assessment or the last tax return lodged.

Suburb/town State/territory Postcode

Current postal address

If the address has not changed, print it exactly as shown on the last notice of assessment or the last tax return lodged.

Country if outside Australia

Postal address on previous tax return

If the address has changed, print your previous address exactly as shown on the last notice of assessment or the last tax return lodged.

Name of trust

Australian business number (ABN)

Trust information

06600615

(2)

2 Status of business – print X at label B1, B2 or B3, whichever is the first applicable option, or leave blank. Ceased business

Multiple business

B1

B2

Commenced business

B3

Consolidated subsidiary member

Z2

Consolidation status – print X at label Z2 if applicable

Family trust election status

If the trustee has made, or is making, a family trust election, write the four-digit income year specified of the election (for example, for the 2014–15 income year write 2015). If revoking or varying a family trust election, print R for revoke or print V for variation and complete and attach the Family trust election,

revocation or variation 2015.

Interposed entity election status

If the trustee has an existing election, write the earliest income year specified. If the trustee is making one or more elections this year, write the earliest income year being specified and complete an Interposed entity

election or revocation 2015 for each election. If revoking an interposed entity election, print R and complete and attach the Interposed entity election or revocation 2015.

Print the code representing

the type of trust. Print X if also a charity Type of trust

If code D, write the date of death.

Day Month Year

1 Description of main business activity

Industry code

A

Is any tax payable by the trustee? Yes No Final tax return Yes No

4 Did you sell any goods or services using the internet?

Q

Yes No

If the trust is a managed investment trust, has the trustee made an election into capital account treatment? Yes No Managed investment trusts

Full name of the trustee to whom notices should be sent If the trustee is an individual, print details here.

Surname or family name

First given name Other given names Title: Mr Mrs Miss Ms Other

If the trustee is a company, print details here including ABN.

ABN

Name

Daytime contact phone number

Phone number (include area code)

Electronic funds transfer (EFT)

We need your financial institution details to pay any refund owing to you, even if you have provided them to us before. Write the BSB number, account number and account name below.

(See relevant instructions.)

BSB number (must be six digits) Account number

(3)

Trust TFN

06600715

Income excluding foreign income

6 Tax withheld

Credit for tax withheld – foreign

_.

Tax withheld where ABN not quoted

_T

_,

.

00

5 Business income and expenses

Gross payments where

ABN not quoted

C

D

Assessable government

industry payments

E

F

Other business income

G

H

CODE CODE

Total business income

Primary production Non-primary production Totals

WHOLE DOLLARS ONLY

Income

Gross payments subject to

foreign resident withholding

B

Reconciliation items

Contractor, sub-contractor and

commission expenses

C

Superannuation expenses

D

Cost of sales Bad debts Lease expenses Rent expenses Total interest expenses Total royalty expenses Depreciation expenses Motor vehicle expenses Repairs and maintenance

Add: Income reconciliation adjustments

Add: Expense reconciliation adjustments All other expenses

E

F

G

H

I

J

K

L

M

A

N

B

O

S

R

Q

Total expenses – labels P to N

Net income or loss from business Expenses

Foreign resident

(4)

9 Rent Gross rent

F

_,

.

00

Other rental deductions

H

_,

.

00

Interest deductions

G

_,

.

00

Capital works deductions

X

_,

.

00 .

₀₀

,

Net rent

10 Forestry managed investment scheme income

Q

_,

.

00 J

_,

.

00

11 Gross interest – including Australian Government loan interest TFN amounts withheld

from gross interest

I

,

.

12 Dividends TFN amounts withheld from dividends

N

,

.

K

_,

.

00

Unfranked amount

L

_,

.

00

Franked amount

M

_,

.

00

Franking credit 8 Partnerships and trusts

Primary production

Net primary production amount

_,

.

00

Share of net income from trusts

Z

_,

.

00

Distribution from partnerships

A

_,

.

00

Deductions relating to

amounts shown at A and Z

S

,

.

00

Capital gains from another trust and net foreign capital gains need to be included at item 21. Amounts of foreign income must be included at item 22 or 23.

Share of credit for tax withheld

from foreign resident withholding

U

,

.

00

Share of credits from income Share of credit for tax withheld

where ABN not quoted

C

,

.

00 ,

Share of franking credits from

franked distributions

D

,

.

Share of credit for TFN amounts withheld from interest, dividends

and unit trust distributions

E

,

.

Credit for TFN amounts withheld from

payments from closely held trusts

O

,

.

Share of net income from trusts, less capital gains, foreign income

and franked distributions

R

,

.

00

Deductions relating to franked

distributions from trusts in label F

G

,

.

00

Distribution from partnerships,

less foreign income

B

,

.

00

Non-primary production

Net non-primary production amount

_,

.

00

Deductions relating to

amounts shown at B and R

T

,

.

00

(5)

15 Total of items 5 to 14 Add the boxes.

_,

.

00 Deductions

20 Net Australian income or loss

– other than capital gains

,

.

00

Subtract item 19 from item 15.

$

Trust TFN

17 Forestry managed investment scheme deduction

D

_,

.

00

14 Other Australian income – give details Type of income

O

_,

.

00

Excepted net income

_,

.

00 ,

18 Other deductions – show only deductions not claimable at any other item Name of each item of deduction

,

.

00 ,

.

00 Q

,

.

00

Amount

,

19 Total of items 16 to 18

_,

.

00

13 Superannuation lump sums and employment termination payments

V

_,

.

00

Taxed element

W

_,

.

00

Untaxed element

X

_,

.

00

Taxable component

Y

_,

.

00

Taxable component Death benefit superannuation lump sum where the

beneficiary is a non-dependant

Death benefit employment termination payment where the beneficiary is a dependant

Death benefit employment termination payment where the beneficiary is a non-dependant

16 Deductions relating to:

Franked distributions

_R

_,

.

00

Australian investment income

P

_,

.

00

Deductions relating to franked distributions should not include deductions included at G item 8.

21 Capital gains

Yes No

G

Did you have a CGT

event during the year? Answer Yes at G if the trust had an amount of capital gains from another trust. Do you need to complete a Capital gains tax (CGT) schedule 2015?

M

Yes No

Have you applied an exemption or rollover?

CODE

Net capital gain

A

_,

.

00

(6)

28 Landcare and water facility

tax offset

G

,

.

00

Landcare and water facility tax offset brought forward from prior years

25 Tax losses deducted

C

_,

.

00

26 Total net income or loss Subtract item 25 from item 24.

_,

.

00

27 Losses information

A Losses schedule 2015 must also be completed and attached if the sum of labels U and V is greater than $100,000 or if the trust is a listed widely held trust and failed the majority ownership test for a loss.

U

_,

.

00

Tax losses carried forward to later income years

V

_,

.

00

Net capital losses carried forward to later income years

,

Foreign income

If you answered Yes at label S, complete and attach an International dealings schedule 2015. Do you need to complete a Losses schedule 2015?

22 Attributed foreign income Listed

_M

_,

.

₀₀

country

U

_,

.

00

Section 404 country

X

_,

.

00

Unlisted country Yes No

Did you have overseas branch operations or a direct or indirect interest in a foreign trust, foreign company, controlled foreign entity or transferor trust?

S

24 Total of items 20 to 23 Add the boxes

_,

.

₀₀

,

23 Other assessable foreign source income – other than income shown at item 22

Also include at label D Australian franking credits from a New Zealand franking company that you have received indirectly through a partnership or trust.

V

_,

.

00

Net

B

_,

.

00

Gross

D

_,

.

00

Australian franking credits from a New Zealand franking company

Z

_,

.

Foreign income tax offset

Overseas transactions / thin capitalisation

29 Overseas transactions

Was the aggregate amount of your transactions or dealings with international related parties (including

the value of any property/service transferred or the balance of any loans) greater than $2 million?

W

Yes No Did the thin capitalisation provisions affect you?

O

Yes No

Interest expenses overseas

_D

_,

.

₀₀

Royalty expenses overseas

E

_,

.

00

If you answered Yes at label W or O or completed D or E, complete and attach the

International dealings schedule 2015.

Was any beneficiary who was not a resident of Australia at any time during the income year,

‘presently entitled’ to a share of the income of the trust?

A

Yes No

(7)

Trust TFN

Key financial information

32 All current assets

F

_,

.

00

33 Total assets

G

_,

.

00

34 All current liabilities

I

_,

.

00

35 Total liabilities

J

_,

.

00 Taxation of financial arrangements

31 Taxation of financial arrangements (TOFA)

Did you make a gain, loss or transitional balancing adjustment

from a financial arrangement subject to the TOFA rules?

L

Yes No

Total TOFA gains

_M

_,

.

₀₀

Total TOFA losses

N

_,

.

00

TOFA gains from unrealised movements

in the value of financial arrangements

P

,

.

00

TOFA transitional balancing adjustment

O

_,

.

00

06600915

30 Personal services income

Yes No

N

Does your income include an individual’s personal services income (PSI)?

Did you satisfy the results test in

respect of any individual?

C

Yes No Do you hold a personal services business (PSB)

determination in respect of any individual?

D

Yes No Total amount of PSI included

at item 5 income labels

A

,

.

00

Total amount of deductions against PSI

included at item 5 expense labels

B

,

.

00

For any individual for whom you did not satisfy the results test or hold a PSB determination, and each source of their PSI income yielded less than 80% of their total PSI, indicate if you satisfied any of the following personal services business tests – print X in the appropriate box(es).

Unrelated clients test

E1

Employment test

E2

Business premises test

E3

Did you directly or indirectly send to, or receive from, one of the countries specified in the instructions, any funds or property or

Do you have the ability or expectation to control, whether directly or indirectly, the disposition of any funds, property, assets or investments located in, or located elsewhere but controlled or managed from one of those countries?

Yes No

C

(8)

37 Business address of main business

A

36 Business name of main business

Business and professional items

38 Opening stock

C

.

00 .

₀₀

39 Purchases and other costs

B

.

₀₀

40 Closing stock

D

CODE

.

₀₀

41 Trade debtors

E

.

₀₀

42 Trade creditors

H

.

₀₀

43 Total salary and wage expenses

L

CODE

.

₀₀

46 Unpaid present entitlement to a private company

Y

CODE

.

₀₀

44 Payments to associated persons

M

.

₀₀

45 Fringe benefit employee contributions

T

47 Trading stock election Yes No 48 Capital allowances

$

_,

Other depreciating assets first deducted

B

_,

.

00 $

_,

Intangible depreciating assets first deducted

A

_,

.

00

Depreciating assets first deducted in this income year

Have you self-assessed the

effective life of any of these assets?

C

Yes No

$

_,

Assessable balancing adjustments on the

disposal of intangible depreciating assets

F

,

.

00 $

_,

Termination value of intangible depreciating assets

H

_,

.

00 $

_,

Termination value of other depreciating assets

I

_,

.

00 $

_,

Total adjustable values at end of income year

E

_,

.

00 $

_,

Deductible balancing adjustments on the

disposal of intangible depreciating assets

G

,

.

00

Did you recalculate the effective life for

any of your assets this income year?

D

Yes No For all depreciating assets

$

_,

Deduction for project pool

J

_,

.

00 $

_,

Section 40-880 deduction

K

_,

.

00 $

_,

Landcare operations and deduction

(9)

52 Medicare levy reduction or exemption

Full Medicare levy exemption – number of days

A

_,

.

00

Spouse’s 2014–15 taxable

income – if nil write ‘0’

C

CODE

Half Medicare levy exemption – number of days

B

Number of dependent

children and students

D

Medicare levy surcharge and private health insurance tax offset

If the trust is liable for the Medicare levy surcharge or entitled to the private health insurance tax offset, refer to the instructions.

54 Statement of distribution Distribution details

Complete the distribution details on the following pages for BENEFICIARY 1 to 5 if required, and for Income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, and the trustee’s share of credit for tax deducted, if it applies.

If there are more than five beneficiaries see the instructions for more information.

Note: It is not an offence not to quote a TFN for a beneficiary. However, TFNs help the Tax Office to correctly identify each beneficiary’s tax records. The Tax Office is authorised by the Income Tax Assessment Act 1936 and the Income Tax

Assessment Act 1997 to ask for information in this tax return. We need this information to help administer the tax laws.

To make a correct Trustee Beneficiary (TB) statement you must quote the TFN of a resident trustee beneficiary of a closely held trust.

Note: If the trust needs to provide annual reports under the Trustee Beneficiary Rules or the TFN withholding rules you will be able to do so by completing the information in the statement of distribution.

Statement of distribution

53 Income of the trust estate

A

_,

.

00

49 Small business entity simplified depreciation

A

_,

.

00

Deduction for certain assets

B

_,

.

00

Deduction for general small business pool 50 National rental

(10)

54 Statement of distribution – continued

Non-resident beneficiary additional information s98(4) assessable

amount

K

.

00

s98(3) assessable

amount

J

.

00 .

₀₀

Tax preferred amounts

P

.

₀₀

Untaxed part of share of net income

Q

TB statement? Yes No

For each trustee beneficiary, indicate whether you will be making a TB statement: TB statement information

.

₀₀

Distribution from ordinary or statutory income during income year

S

Annual Trustee Payment report information Total TFN amounts

withheld from payments

T

.

00 I

.

Share of National rental affordability scheme tax offset

R

.

Attributed foreign income

G

.

00

Capital gains

F

.

00 .

Franking credit

D

.

TFN amounts withheld

E

.

₀₀

Other assessable foreign source income

H

LOSS

.

Share of credit for TFN amounts withheld from payments

from closely held trusts

O

Australian franking credits from a

New Zealand franking company

N

.

00

Credit for tax withheld –

L

.

00

Assessment calculation code

V

.

₀₀

Credit for tax withheld where ABN not quoted

C

.

₀₀

.

₀₀

Primary production

A

LOSS Non-primary production

B

LOSS Share of income

Share of income of the trust estate

W

.

00 U

.

00

BENEFICIARY 1

INDIVIDUAL NAME

Date of birth

Day Month Year

NON-INDIVIDUAL NAME (company, partnership, trust etc.) OR

Residential address for individuals or business address for non individuals

Suburb/town

State/territory Postcode

(Australia only) (Australia only)

Tax file number (TFN) Entity code

U

(11)

amount

K

.

00

s98(3) assessable

amount

J

.

00 .

₀₀

P

.

₀₀

Q

Annual Trustee Payment report information

I

.

R

.

G

.

00

Capital gains

F

.

00 .

Franking credit

D

.

E

.

₀₀

H

LOSS

.

O

N

.

00 L

.

00 V

.

₀₀

C

.

₀₀

.

₀₀

Primary production

A

B

W

.

00 U

.

00

BENEFICIARY 2

INDIVIDUAL NAME

Date of birth

Day Month Year

Suburb/town

U

(12)

amount

K

.

00

s98(3) assessable

amount

J

.

00 .

₀₀

P

.

₀₀

Q

.

₀₀

S

T

.

00 I

.

R

.

G

.

00

Capital gains

F

.

00 .

Franking credit

D

.

E

.

₀₀

H

LOSS

.

O

N

.

00 L

.

00 V

.

₀₀

C

.

₀₀

.

₀₀

Primary production

A

B

W

.

00 U

.

00

BENEFICIARY 3

INDIVIDUAL NAME

Date of birth

Day Month Year

Suburb/town

U

(13)

amount

K

.

00

s98(3) assessable

amount

J

.

00 .

₀₀

P

.

₀₀

Q

Annual Trustee Payment report information

I

.

R

.

G

.

00

Capital gains

F

.

00 .

Franking credit

D

.

E

.

₀₀

H

LOSS

.

O

N

.

00 L

.

00 V

.

₀₀

C

.

₀₀

.

₀₀

Primary production

A

B

W

.

00 U

.

00

BENEFICIARY 4

INDIVIDUAL NAME

Date of birth

Day Month Year

Suburb/town

U

(14)

amount

K

.

00

s98(3) assessable

amount

J

.

00 .

₀₀

P

.

₀₀

Q

.

₀₀

S

T

.

00 I

.

R

.

G

.

00

Capital gains

F

.

00 .

Franking credit

D

.

E

.

₀₀

H

LOSS

.

O

N

.

00 L

.

00 V

.

₀₀

C

.

₀₀

.

₀₀

Primary production

A

B

W

.

00 U

.

00

BENEFICIARY 5

INDIVIDUAL NAME

Date of birth

Day Month Year

Suburb/town

U

(15)

Items 56 and 57 must be answered for all trusts – if you answer yes to any of these questions, answer Yes to the ‘other attachments’ question on page 1 of this tax return.

56 Beneficiary under legal disability who is presently entitled to income from another trust Was any beneficiary in this trust, who was under a legal disability on 30 June 2015, also

presently entitled to a share of the income of another trust?

If yes, or the answer is not known, furnish the information requested in the instructions. Yes No

57 Non-resident trust Is the trust a

non-resident trust? Yes No

If yes, state the amount of income derived outside Australia to which no beneficiary is presently entitled.

Print NIL if applicable.

,

$

.

00

55 Choice for resident trustee to be assessed to capital gains on behalf of beneficiaries Assessment calculation code

X

Amount of capital gains on which the trustee has

chosen to be assessed on behalf of beneficiaries

Y

,

.

00

Income to which no beneficiary is presently entitled and in which no beneficiary has an indefeasible vested interest, and the trustee’s share of credit for tax deducted.

N

.

00

Foreign income

tax offset

I

.

Share of National rental

affordability scheme tax offset

R

.

Attributed foreign

income

G

.

00 O

.

L

.

00 V

.

Franking credit

D

.

E

.

₀₀

C

.

₀₀

.

₀₀

Primary production

A

B

.

₀₀

H

LOSS

Capital gains

F

.

00 W

.

00

(16)

DECLARATIONS

Hours taken to prepare and complete this tax return

Office use only Indics X

declare that this tax return has been prepared in accordance with information supplied by the taxpayer, that the taxpayer has given me a declaration stating that the information provided to me is true and correct and that the taxpayer has authorised me to lodge the tax return.

Date

Day Month Year

Agent’s signature

TAX AGENT’S DECLARATION

Client’s reference

Agent’s phone number (include area code) Agent’s reference number Contact name

I,

TAXPAYER’S DECLARATION Important

Before making this declaration check to ensure that all income has been disclosed and the tax return, all attached schedules and any additional documents are true and correct in every detail. If you are in doubt about any aspect of the tax return, place all the facts before the ATO. The income tax law imposes heavy penalties for false or misleading statements in tax returns. This declaration must be signed by a trustee or public officer.

Privacy

The ATO is authorised by the Taxation Administration Act 1953 to request the provision of tax file numbers (TFNs). The ATO will use the TFNs to identify each beneficiary in our records. It is not an offence not to provide the TFNs. However, if the TFNs are not provided, it could increase the chance of delay or error in each beneficiary’s assessment.

Taxation law authorises the ATO to collect information including personal information about the person authorised to sign the declaration. For information about your privacy go to ato.gov.au/privacy

DECLARATION:

I declare that the information on this tax return, including any attached schedules and additional documentation is true and correct.

Date

Day Month Year